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Mar 17, 2013
03/13
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were we cutting taxes or paying companies to hire people with tax credits, no? >> you hire somebody that is investment and when we make an investment, that allowed people to say if my investment is successful, and then we'll generate capt cament. we don't need tax credits. you hire because of the good investment. jon as. do you need tax hikings even in the tepid recover? >> we already had tax increases this year and some of them are on hiring and the pay roll tax returning to the same level. there is drags on the economy and we'll need more taxes to close the gaps. companies would like taxes to be low but also don'tment -- don't want to collapse the economy. theymentment economy to grow and not go broke and some mix of spending cuts and tax increases will hopefully lead us down the path but not the japan path. i don't know which plan is better. they are both magic in my opinion. one wants taxes raised and the other want to lower it twitch percent like that is going to balance the budget. i don't know which one is working. >> johnathon, you took a hike up a big m
were we cutting taxes or paying companies to hire people with tax credits, no? >> you hire somebody that is investment and when we make an investment, that allowed people to say if my investment is successful, and then we'll generate capt cament. we don't need tax credits. you hire because of the good investment. jon as. do you need tax hikings even in the tepid recover? >> we already had tax increases this year and some of them are on hiring and the pay roll tax returning to the...
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Mar 14, 2013
03/13
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most middle tax payers would see their tax rate go down. but to be quite a bit of reduction depending on where you are in the tax bill. i do not see anything in here. i read the entire bill. i do not see anything the home mortgage reduction or charitable giving. i do not say those things in here. i do not know what the ways and committee will do with this instruction. i'm not sure what and not a resolution of let's not raise taxes on the middle class effectively does. i would encourage my colleagues at his point to impose the amendment and just adopt a budget as written. i yield back. >> thank you. i yield 10 minutes to my friend from indiana. >> thank you. i do not believe there should be tax increases on anyone the matter their income levels. the best thing we can do is turn the economy around and create jobs and poor money back into this economy. our budget -- and pour money back into this economy. additional taxes on anyone damages the economy. let me see a quick story about my area in indiana. when i go home and i have conversations wi
most middle tax payers would see their tax rate go down. but to be quite a bit of reduction depending on where you are in the tax bill. i do not see anything in here. i read the entire bill. i do not see anything the home mortgage reduction or charitable giving. i do not say those things in here. i do not know what the ways and committee will do with this instruction. i'm not sure what and not a resolution of let's not raise taxes on the middle class effectively does. i would encourage my...
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Mar 21, 2013
03/13
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of course we have to pay taxes. this is not about paying taxes or not paying taxes. this is about the fact that there's only so much money in the world. and every penny that the government takes in taxes is money that's not available to invest in a private business. every time you take a tax, what you're doing, you're taking money out of the economy. you have to do that up to some point because we need a government. but if you do too much of it, then there's not enough money for people to spend at your business. if someone's paying more in taxes, that means they have less money to spend where you work, which means you're going to make less money in tips or in salary or may even cost you your job if taxes are too high. and i'm telling you, we focus on federal taxes here, but these -- these aren't the only taxes people pay. depending on where you live, you are paying local and state and now federal taxes. you add those up and there are people in this country that are paying close to half the money they make in taxes. half the money they make in taxes. how's that good f
of course we have to pay taxes. this is not about paying taxes or not paying taxes. this is about the fact that there's only so much money in the world. and every penny that the government takes in taxes is money that's not available to invest in a private business. every time you take a tax, what you're doing, you're taking money out of the economy. you have to do that up to some point because we need a government. but if you do too much of it, then there's not enough money for people to spend...
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Mar 18, 2013
03/13
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tax reforms we would never allow tax reform to hide a tax increase. periodically politics and -- this a tax reform the what they mean is they want to raise taxes. two ways to raise income taxes, raise the rate or broaden the base to bring the rates down. the pledge says no raising the rates and, two, if you want to get rid of deductions and credits, that is great but bring the rates down dollar for dollar. paul ryanhat does. host: chris on the republican line. you are on what grover norquist. caller: thank you for c-span. norquist, i think there is a big problem. perception is everything when it comes to marketing and it is the perception that the democrats are able to get across. because the democrats, they know their audience, they know who they are pandering to, they know who they are selling to. and they treat them like stupid children. and it works. i will give you an example. you remember when the bush tax tom- first came out and shall and dick gephardt -- tom daschle and dick kept part, the minority leaders, did not have anything, but yet they
tax reforms we would never allow tax reform to hide a tax increase. periodically politics and -- this a tax reform the what they mean is they want to raise taxes. two ways to raise income taxes, raise the rate or broaden the base to bring the rates down. the pledge says no raising the rates and, two, if you want to get rid of deductions and credits, that is great but bring the rates down dollar for dollar. paul ryanhat does. host: chris on the republican line. you are on what grover norquist....
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Mar 21, 2013
03/13
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is a tax is a tax. if you tax something more, you get less of it. piling on new taxes is always bad for economic growth period. and yet out of washington comes yet another proposal for another tax. this one known as the marketplace fairness act but it is just a national internet sales tax. could even hit your itunes downloads later on. last night here on "the kudlow report," republican senator kelly ayotte spoke out against this bill. take a listen. >> i think we need to rename this legislative proposal for what it is because what it is is it's the internet tax collection act. for those who believe that this is some kind of conservative bill, this isn't my idea of conservative. this is not about small government, this is about forcing businesses in states like mine with no sales tax to become the tax collectors for the nation. >> there you go. well said, senator. i say this is a big government, unprecedented power grab. it's paving the way, by the way, to a national sales tax. i truly believe that. but
is a tax is a tax. if you tax something more, you get less of it. piling on new taxes is always bad for economic growth period. and yet out of washington comes yet another proposal for another tax. this one known as the marketplace fairness act but it is just a national internet sales tax. could even hit your itunes downloads later on. last night here on "the kudlow report," republican senator kelly ayotte spoke out against this bill. take a listen. >> i think we need to rename...
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Mar 20, 2013
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all of this tax increase is thanks to 21 tax increases contained in obamacare. my guess is the majority doesn't want to take on that group. so number 2 -- that's tax-deferred retirement savings vehicles. it's defined benefit plans and section 401(k)-type plans. to be sure, some hiring-income taxpayers benefit. defined benefit plans tend to dominate in the unionized world. section 401(k)-type plans are more common now. some high-income taxpayers do benefit because they are owners of a business, and we want them to set up and maintain their plans. about 4% of this tax expenditures goes to taxpayers at $1 million or more income. number 3 on the list there, it's the preferential rate for capital gains and dividends. it is true that higher-income taxpayers tend to have more capital gains but a few montes ago, the rate rose 50%. do we want to choke off more savings and investment? number 4 -- that's the deduction for state and local income and real property taxes. "the new york times" editorial page is usually very in tune with the majority. an editorial december 6, 2
all of this tax increase is thanks to 21 tax increases contained in obamacare. my guess is the majority doesn't want to take on that group. so number 2 -- that's tax-deferred retirement savings vehicles. it's defined benefit plans and section 401(k)-type plans. to be sure, some hiring-income taxpayers benefit. defined benefit plans tend to dominate in the unionized world. section 401(k)-type plans are more common now. some high-income taxpayers do benefit because they are owners of a business,...
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Mar 17, 2013
03/13
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i tend to lead toward the flat tax/fair tax. a flat tax put across the board and a consumption tax or payroll taxes which are still come what progressive. >> weird things about how opinions and politicians change. even president obama believes in lower tax rates or at least he did a year ago in something called principles for tax reform he says and the number one principle for tax reform lower tax rate. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. isn't that what the flat tax is all about? >> yeah. the flat tax basically gets people out of the tax so they can devote all of their brine cycles to their business. that is one of the great virtues and draws people together. if everybody is paying the same rate then i think we can unify this country again. and to mark's worry some what justifiable about the regressive nature toward poor people, just had a $30,000 or $40,000 or $50,000 the first 30, 40, 50 is exempt from taxes. so it doesn't hit the poo
i tend to lead toward the flat tax/fair tax. a flat tax put across the board and a consumption tax or payroll taxes which are still come what progressive. >> weird things about how opinions and politicians change. even president obama believes in lower tax rates or at least he did a year ago in something called principles for tax reform he says and the number one principle for tax reform lower tax rate. the tax system should be simplified and work for all americans with lower individual...
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Mar 21, 2013
03/13
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this is a tax that taxes innovation, increases health care costs and also is a tax that kills good-paying american jobs. finally, we want the new medical devices to be developed here in this country. we don't want them to be developed in europe because of an onerous tax. what we're going to see is that americans are going to have less access to the very new and best products because it's going to become too costly in this country for new companies to develop those products and for start-ups. and at the end of the day it will be sad for americans. so i would urge my colleagues to support senator hatch's amendment and again thank him for his leadership. thank you, mr. president. the presiding officer: who yields time? mr. sessions: mr. president? the presiding officer: the senator from alabama. mr. sessions: mr. president, i think we had a confusion on the time here. i had reserved ten minutes. i had 17 under the motion. and i think there's been a confusion about it. what is the status of the time? i would ask that i be allowed to have ten minutes. the presiding officer: the time until 8:10
this is a tax that taxes innovation, increases health care costs and also is a tax that kills good-paying american jobs. finally, we want the new medical devices to be developed here in this country. we don't want them to be developed in europe because of an onerous tax. what we're going to see is that americans are going to have less access to the very new and best products because it's going to become too costly in this country for new companies to develop those products and for start-ups....
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Mar 14, 2013
03/13
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property tax, sales tax, gas tax, state tax, city of new york tax, federal income tax, and almost everything i do in my leash time, rental cars, hotels, planes, all taxed as well. and the democrats want to add another trillion dollars in taxes? so we're quickly becoming sweden which has the highest tax rate in europe. u.s. corporate tax is already the highest in the world, already. and there is no doubt president obama wants to raise them even further. so, again, is this a sound economic policy? is this going to grow the economy in the u.s.a.? is it? finally, the president and the democratic party have failed to tell the american people exactly what programs they will cut in the future, if anymore. once again, there is no specific entitlement reform put forth by the president. this is really irresponsible. is it not? and that's the memo. now, joining us from washington fox news chief political correspondent carl cameron has been taking a look at the democratic budget and the republican budget in a hard news context. no commentary. all right? so carl is going to explain it so that even i can
property tax, sales tax, gas tax, state tax, city of new york tax, federal income tax, and almost everything i do in my leash time, rental cars, hotels, planes, all taxed as well. and the democrats want to add another trillion dollars in taxes? so we're quickly becoming sweden which has the highest tax rate in europe. u.s. corporate tax is already the highest in the world, already. and there is no doubt president obama wants to raise them even further. so, again, is this a sound economic...
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Mar 19, 2013
03/13
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and taxes. it will structure our system for economic growth. we will stop hemorrhaging jobs overseas and bring american jobs back to these shores. it's one thing if we lose jobs because of low wages overseas. we don't ever want to compete in that arena. it's another if we lose jobs because our government is inefficient, bloated and expensive. and finally, it protects our most vulnerable. it protects our young people. you know, i agree with then senator obama when he said it was immoral to continue to incur these massive debts. of course, when he said it, since he said it, our debt is multiples of what he was decrying at that time. we are piling mountains and mountains of debt on our children and our grandchildren to fuel our addiction to spending and it's got to stop and it's got to stop now. i'm proud to stand for this republican budget and i urge its passage. i give back the rest of my time. the chair: the gentleman yields back the balance of his time. the gentleman from maryland. mr. van holl
and taxes. it will structure our system for economic growth. we will stop hemorrhaging jobs overseas and bring american jobs back to these shores. it's one thing if we lose jobs because of low wages overseas. we don't ever want to compete in that arena. it's another if we lose jobs because our government is inefficient, bloated and expensive. and finally, it protects our most vulnerable. it protects our young people. you know, i agree with then senator obama when he said it was immoral to...
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Mar 13, 2013
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are taxing hours? we think the current tax code destroying jobs. it makes american business is much less competitive. that is why the ways and means committee wants to get more people working again. >> is that a shift in approach? >> our approach reflects exactly what the president's joint chiefs season minimum levels necessary to fund the mission for the pentagon. this is our first priority -- national defense. we're funding at the levels the joint chiefs say is necessary to maintain national security. >> you're talking about how the fiscal cliff deal and other improvements major job easier, but you still have to take steps to get a balance. what are those steps? >> one is a budget control act. we extend the budget control act. we also want to extend reforms on the public workforce on federal employees to include all federal employees so that their pension contribution matches those that are in the private sector. we do not think federal employees should be able to have pension systems that are far in
are taxing hours? we think the current tax code destroying jobs. it makes american business is much less competitive. that is why the ways and means committee wants to get more people working again. >> is that a shift in approach? >> our approach reflects exactly what the president's joint chiefs season minimum levels necessary to fund the mission for the pentagon. this is our first priority -- national defense. we're funding at the levels the joint chiefs say is necessary to...
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Mar 21, 2013
03/13
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there's no income tax, no estate tax, but a lot of peep don't like the heat. i'm just saying, you know, maybe people are looking at this wilbur saying there's a lot of high tax states. california ione of them. new york is one of them. tristate, new york city, new jersey, connecticut area, all high tax states. where do we go? that's what pliticians count on. >> my guess is he'll be in the sense to bring in more tax than he will lose. i don't think you're going to have vast outbound migration, but i think the question is, did you break safe with the business community when you promise them the temporary tax, people sported it. i don't know very few people in the business community opposed it the first time because we thought, well, he's doing a good job. he's trying to fix it a lot of things in the state budget. if he needs the temporary cover, give it to him, but now to extend it, that reminds me that federal income tax was supposed to be a temporary tax to pay for world world war i, limited to pay for world war i. neil: you're right. stayed on, didn't it? >> t
there's no income tax, no estate tax, but a lot of peep don't like the heat. i'm just saying, you know, maybe people are looking at this wilbur saying there's a lot of high tax states. california ione of them. new york is one of them. tristate, new york city, new jersey, connecticut area, all high tax states. where do we go? that's what pliticians count on. >> my guess is he'll be in the sense to bring in more tax than he will lose. i don't think you're going to have vast outbound...
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Mar 18, 2013
03/13
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future tax reforms we're never going to allow tax reform to hide a tax increase. and periodically politicians say i'm for tax reform. well, what they mean is they want to raise taxes. there are two ways to raise the income tax; raise the rates or broaden the pace without bringing the rates down. and the pledge says, hey, no raising the rates. and, two, if you want to get rid of deductions and credits, that's great. but bring the rates down dollar for dollar. that's what ryan does. the ryan plan is perfectly consistent with the pledge. >> host: let's bring in chris now from spring hill, florida,en the republican line. good morning, chris, you're on with grover norquist. >> caller: good morning, thank you. >> guest: hey, chris. >> caller: thank you for c-span. yeah, mr. norquist, i think there's a big problem. see, you know, perception is everything when it comes to marketing, and it's the perception that the democrats are able to get across because the democrats, um, they know their audience. they know who they're pandering to. they know who they're selling to. and
future tax reforms we're never going to allow tax reform to hide a tax increase. and periodically politicians say i'm for tax reform. well, what they mean is they want to raise taxes. there are two ways to raise the income tax; raise the rates or broaden the pace without bringing the rates down. and the pledge says, hey, no raising the rates. and, two, if you want to get rid of deductions and credits, that's great. but bring the rates down dollar for dollar. that's what ryan does. the ryan plan...
SFGTV: San Francisco Government Television
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Mar 18, 2013
03/13
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, so you have parking tax and property tax are the ones, so mta receives 80% of parking tax in lieu, and what that means is that the parking tax comes into the general fund and we give mta general fund money in the same dollar amount, so that amounts to 61 million dollars, similarly with the library, 2.5% of property tax, this is an additional 37 million, open space, 37 million, the children's fund of 44.7 million, the municipal symphony, 2 million, and then the hotel tax as we discussed earlier, 88 million that is then budgeted, 56 million of that is budgeted in the general fund. >> so, the open space fund is getting an additional 37 million this year, yes, this year? >> it is getting 37 million, it is not an additional, each year, it gets the percentage of property tax, 2.5% of property tax, so as property tax grows, the open space fund is lucky enough to grow with our largest growing general fund tax. >> got it. supervisor avalos? >> just a question on that, so we have the open space property tax set aside, 2.5% at 37.3 million, is there anything that protects overall funding with
, so you have parking tax and property tax are the ones, so mta receives 80% of parking tax in lieu, and what that means is that the parking tax comes into the general fund and we give mta general fund money in the same dollar amount, so that amounts to 61 million dollars, similarly with the library, 2.5% of property tax, this is an additional 37 million, open space, 37 million, the children's fund of 44.7 million, the municipal symphony, 2 million, and then the hotel tax as we discussed...
SFGTV: San Francisco Government Television
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Mar 18, 2013
03/13
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which is our largest overall local revenue source, though business taxes and our hotel and sales taxes are as growing over that time period. this slide highlights for you wla the projected growth rates are in the plan, so you can see, you know, stronger growth rates in the early first two years and more moderate projections in the subsequent years. on the expenditure side, our -- the city's expenditures are projected to increase by 1.1 billion dollars over the five year period, that's about 25% growth, and the largest share of that is our salary and fringe benefit costs which are growing we're projecting 460 million dollars, there are a number of citywide cost increase that is are assumed in this plan, things like fully funding our capital plan, our it plan and equipment costs, the plan also assumes that we fully fund inflation on grants as well as other non-personnel services, so that's all the contracts, grants, and other types of expenditures that are not staff costs. >> supervisor breed? >> yes, can you please explain what you mean by fully fund capital plan? >> happy to answer tha
which is our largest overall local revenue source, though business taxes and our hotel and sales taxes are as growing over that time period. this slide highlights for you wla the projected growth rates are in the plan, so you can see, you know, stronger growth rates in the early first two years and more moderate projections in the subsequent years. on the expenditure side, our -- the city's expenditures are projected to increase by 1.1 billion dollars over the five year period, that's about 25%...
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Mar 21, 2013
03/13
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premiums because the tax increases in obamacare were taxes on medical device companies, taxes on your health insurance plan, taxes on pharmaceuticals, all of which are being passed on in the form of higher costs to average working americans. so we have got a crisis in this country that affect the middle-class families, people who are out there every single day just trying to do their best to make their budget balance and do the important things to plan for the future of their children and grandchildren, and here we are in washington, d.c., debating yet more policies that are going to hurt the economy, that are going to -- that are going to crush job creation in this country and lower take-home pay for those very middle-class american families. and so this is the wrong approach, mr. president. i hope that as we debate this we'll have an opportunity to vote on amendments. perhaps there is a way in which we could make this better. i doubt that to be the case. this budget is so far off in terms of where we need to be going as a country, if we're serious about getting the economy growing a
premiums because the tax increases in obamacare were taxes on medical device companies, taxes on your health insurance plan, taxes on pharmaceuticals, all of which are being passed on in the form of higher costs to average working americans. so we have got a crisis in this country that affect the middle-class families, people who are out there every single day just trying to do their best to make their budget balance and do the important things to plan for the future of their children and...
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Mar 13, 2013
03/13
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let's replace this anti-tax code, this loophole tax code with a progrowth tax system that helps families and businesses. replace it with a better progrowth s. lower tax rates, fewer loopholes and we can still balance the budget in doing. so we are not going to refight the past which law is law. that's not going to change. that's why we are saying not only can we do it faster. we want to do it with a better progrowth tax code. >> you have said we're not going to fight past yet a key tent of your budget is the affordable care act. we hear generals sometimes fight the last war. why go through that again? did you feel you had to include repeal of the affordable care act or it wouldn't pass the house of representatives? >> it was never a doubt in our mind. the fiscal cliff occurred but we don't like the tax code it produced. so we're proposing a new tax code that is a progrowth tax code. we don't like the affordable act. we believe this law is going to collapse under its own weight. please know that when americans see what this law entails which they have not seen all of the details. those of
let's replace this anti-tax code, this loophole tax code with a progrowth tax system that helps families and businesses. replace it with a better progrowth s. lower tax rates, fewer loopholes and we can still balance the budget in doing. so we are not going to refight the past which law is law. that's not going to change. that's why we are saying not only can we do it faster. we want to do it with a better progrowth tax code. >> you have said we're not going to fight past yet a key tent...
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Mar 16, 2013
03/13
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that means that the money you save her taxed. the tax as personal income. i do not get to spend that money. if i do i could go into debt very quickly. i would not be a sustained by this mystery very hard times. i would not sustain a small business for a very long time. have the big companies loopholes, corporations have loopholes, they are able to have their lawyers and consultants go forth and take advantage of things that could reduce their taxes. small businesses like mine do not. it shows in the way we are able to reinvest those dollars. the cannot afford -- we cannot afford to bring on additional people. to reward those for saving and investing in companies. >> to her point, the truth is pay a muchsinesses lower effective tax rate than small-business is because big businesses have the wherewithal to exploit all of those loopholes to lot deism. ism. to lobby susan, you have very effectively used technology to force transparency in government. you have done something pretty common sense and quite radical. let us put expenses up for everybody to see. you
that means that the money you save her taxed. the tax as personal income. i do not get to spend that money. if i do i could go into debt very quickly. i would not be a sustained by this mystery very hard times. i would not sustain a small business for a very long time. have the big companies loopholes, corporations have loopholes, they are able to have their lawyers and consultants go forth and take advantage of things that could reduce their taxes. small businesses like mine do not. it shows...
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Mar 18, 2013
03/13
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tax pains. scott from the tax foundation is going to be joining me next as we kick off a week long series on what is sure to be painful. your tax appointment. we'll be right back. friday night, buddy. you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. bottom of the hour, time for stocks now like every 15 minutes. nicole, you are watching jcpenney, stock is jumping, good news for a change for these guys. >> that's right. don't forget long term jcpenney has been under pressure the last 51 -- 52 weeks, we have -- up 9.5% at 1694 right now. a couple stories the the first is that isi is comments on jcpenney, and while they seem that they were moving forward some serious financial problems, isi had another option saying they should isolate the top 300 locations and convert them into an entity, and that is
tax pains. scott from the tax foundation is going to be joining me next as we kick off a week long series on what is sure to be painful. your tax appointment. we'll be right back. friday night, buddy. you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. bottom of the hour, time for stocks now like...
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Mar 20, 2013
03/13
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CSPAN2
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under this government the tax rates are more competitive and the wealthy pay more tax. that's the right way around. here is an inconvenient truth for the other side. in every year of this parliament, the rich will pay a greater proportion of income tax revenue than any one of the thirty years of the last labour government. and during those years, too many people were allowed to get away with aggressive tax avoidance of abuse, they bogsed they were paying less tax and the member opposite applauded them for it. we stopped that. that's what i call fair. today i'm unveiling one of the largest ever package of avoidance measures presented in a budget, details set out including agreemented with isle to bring in over a billion pounds of unpaid taxes. new rules to stop abuse of corporate tax, and offshore employment. that's another 2 billion pounds. this year we're giving britain the first ever generally abuse rule and we will name and shame promoters of tax avoidance scheme. my message to make a living telling others to avoid the taxes, this government is not going let you get
under this government the tax rates are more competitive and the wealthy pay more tax. that's the right way around. here is an inconvenient truth for the other side. in every year of this parliament, the rich will pay a greater proportion of income tax revenue than any one of the thirty years of the last labour government. and during those years, too many people were allowed to get away with aggressive tax avoidance of abuse, they bogsed they were paying less tax and the member opposite...
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Mar 14, 2013
03/13
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i believe the password should include progrowth tax reform that lowers tax rates and broadens the tax base and smart spending cuts so that we can begin to dig ourselves out of the fiscal hole. it was projected to grow overnight chilling hours of the next 10 years. our nation's deficit is almost $500 billion. we are already a half trillion dollars in the hole this year. spending must be reduced. unfortunately, the president's budget proposal is missing in action. it will either address out-of-control spending what is a fair share, even without the tax hikes, i am an accountant. in 2009, the top 20% of earners made 61% of the pretax income and paid 90% of all federal income taxes. many of those earners affect small-business owners to plow through those that expand and create jobs. citizens and small businesses deserve better. that tax hits almost everywhere, so it can be significantly scaled back. let's not forget that it is them and it would balance the budget by 2016. balance the budget at a time when families are still tightening belts. it is simple, effective, and rio. instead we ne
i believe the password should include progrowth tax reform that lowers tax rates and broadens the tax base and smart spending cuts so that we can begin to dig ourselves out of the fiscal hole. it was projected to grow overnight chilling hours of the next 10 years. our nation's deficit is almost $500 billion. we are already a half trillion dollars in the hole this year. spending must be reduced. unfortunately, the president's budget proposal is missing in action. it will either address...
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Mar 19, 2013
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tax reform to hide a tax increase and peer at ickley politicians in tax reform is that what they mean is they want to raise tax reform. there are two ways, raise the rates or broaden the base without bringing the rates down. no raising the rates and if you want to get reductions in credit that's great. bring the rates down dollar for dollar. that is what ryan does in the ryan plan is perfectly consistent. >> host: let's bring in chris from florida on the republican line. good morning chris. you were on with grover norquist. >> caller: thank you. thank you for c-span. mr. norquist, i think there is a big problem. perception is everything when it comes to marketing and it's the perception that the democrats are able to get across because the democrats, they know their audience and they know who their pandering to. and they treat them like stupid children. i will give you an example. you remember when the bush tax cuts first came out and tom daschle and dick gephardt were the minority leaders. they didn't have anything. they didn't have the house and they didn't have the senate or the wh
tax reform to hide a tax increase and peer at ickley politicians in tax reform is that what they mean is they want to raise tax reform. there are two ways, raise the rates or broaden the base without bringing the rates down. no raising the rates and if you want to get reductions in credit that's great. bring the rates down dollar for dollar. that is what ryan does in the ryan plan is perfectly consistent. >> host: let's bring in chris from florida on the republican line. good morning...
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Mar 16, 2013
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$3 million would pay $203,000 less in taxes if they give up all their tax breaks. if they done, they pay $345,000 less. so senator, the problem with the proposal is he doesn't say where he'll make up for the lost revenue. where do you get a sense the cuts are going to come from? >> well, in terms of the budget that was proposed by the house of representatives, cuts are coming primarily or savings are coming primarily from reform of social security, medicaid, and medicare, as well as cults in discretionary spending moving some away from defense into other areas to tf the government. the difference in the two budget, the ten-year prospect of that passed in the house of representatives is $41 trillion spending over the enyears. senate budget approved thursday night by the senate budget committee spends $46 trillion. so you've fgot two differences. the senate is trying to spend more. house republicans are trying to be more efficient. >> let me ask you this, senator. president obama is trying a new strategy. he's reaching out to congress, holding meetings on capitol hil
$3 million would pay $203,000 less in taxes if they give up all their tax breaks. if they done, they pay $345,000 less. so senator, the problem with the proposal is he doesn't say where he'll make up for the lost revenue. where do you get a sense the cuts are going to come from? >> well, in terms of the budget that was proposed by the house of representatives, cuts are coming primarily or savings are coming primarily from reform of social security, medicaid, and medicare, as well as cults...
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Mar 20, 2013
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you do not pay tax. they have to have lawyers now, accountants and -- >> 9600 jurisdictions that they have to keep track of. and each one had that is a different set of rules and regulations. i hear the argument, it's not a big deal that someone will figure it out with software, it's not about the software, it's about compliance and aud auditing and small businesses spending time on paperwork instead of getting back to work. >> i feel it's a tax grab. what bothers me is you may favor that tax grab. that is my concern. can you dissuede me from that concern? >> i do not like this tax grab. states fund themselves with sales tax. it's the primary way that states generate, revenues for themselves. so we cannot take away the only way they generate revenue. >> some states. >> some, right, but maybe a better way to do it is to collect the tax in the state where the psmall business exist. >> how about that? >> that is what exists now, it's across state lines that we are talking about. >> go ahead. go ahead. pleas
you do not pay tax. they have to have lawyers now, accountants and -- >> 9600 jurisdictions that they have to keep track of. and each one had that is a different set of rules and regulations. i hear the argument, it's not a big deal that someone will figure it out with software, it's not about the software, it's about compliance and aud auditing and small businesses spending time on paperwork instead of getting back to work. >> i feel it's a tax grab. what bothers me is you may...
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in those states that have a sales tax that the obligation to pay sales tax is on the individual consumer in other words if i walk into a store and i buy something for one hundred dollars and the sales tax in that state is four percent whether i give that four percent of the store owner or whether i mail it in at the end of the year to the state the obligation is on me to pay that four percent and when the stores collect at four percent they're basically doing it as a convenience to me now it's facilitated by the state to make sure that they get their money because most people won't at the end of the year add up all their receipts and say here's what i bought so are you with me so far on this i'm with you on that and it's in it's in the states are just not enforcing it this rush just on right words and so so basic but at and so what congress did when i think was the telecommunications act i could be wrong but sometime back in the eighty's or ninety's when congress said ok we're not going to have internet sales companies collect state income taxes in part it was that back in that day inter
in those states that have a sales tax that the obligation to pay sales tax is on the individual consumer in other words if i walk into a store and i buy something for one hundred dollars and the sales tax in that state is four percent whether i give that four percent of the store owner or whether i mail it in at the end of the year to the state the obligation is on me to pay that four percent and when the stores collect at four percent they're basically doing it as a convenience to me now it's...
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Mar 21, 2013
03/13
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room tax. we call it the accommodations tax, but, potentially, the numbers are twice as big. the on line travel companies have wanted the trial court on that issue, but both the state and the online travel companies are going to be appealing the trial court's decision so we don't know how either of the outcomes will look, but right now, at least, there's a $230 million bill that's about to be sent to the on line travel company. tracy: like amazon story where they couldn't -- no one could call their main office, so to speak,,home, so no one knew where to charge tax. they come down on amazon too. it's no surprise they are coming county on this, are we? >> it's no surprise at all, and especially in this situation. you got an industry that didn't really exist when the taxing statutes were enacted, and so the taxing statutes have terms like travel agency, and that doesn't really fit and hotel operators doesn't fit so you got a taxing statute that has not really kept up with the development of techno
room tax. we call it the accommodations tax, but, potentially, the numbers are twice as big. the on line travel companies have wanted the trial court on that issue, but both the state and the online travel companies are going to be appealing the trial court's decision so we don't know how either of the outcomes will look, but right now, at least, there's a $230 million bill that's about to be sent to the on line travel company. tracy: like amazon story where they couldn't -- no one could call...
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Mar 14, 2013
03/13
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there is a distinction between tax avoidance and tax evasion. most of the federal employees, was looking at the numbers, they did file their tax return. they are not trying to evade taxes. so, you know, sometimes there is an honest disagreement, which was the case. so let's be a little bit careful melissa: to me, it always shows me how disorganize the government is. the largest group of workers were from the post office. there were not up-to-date on their taxes. wondering, while one hand as panama can't the other hand, and and garnish their wages, even a little bit to pay the taxes? >> and this is a top down problem. we have a treasury secretary you had back taxes as well and no one seems to be very concerned about. this is a big issue that does not just extends to a certain group of federal workers. i think the interesting thing is that federal employees are by and large paid much more than their private-sector counterparts. the question is to wire we seeing the taxes owed to the government coming back in? think you're right. a lot of abuse of
there is a distinction between tax avoidance and tax evasion. most of the federal employees, was looking at the numbers, they did file their tax return. they are not trying to evade taxes. so, you know, sometimes there is an honest disagreement, which was the case. so let's be a little bit careful melissa: to me, it always shows me how disorganize the government is. the largest group of workers were from the post office. there were not up-to-date on their taxes. wondering, while one hand as...
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Mar 20, 2013
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instead of raising taxes the house republican plan includes pro-growth, comprehensive tax reform, tax reform is critical to increasing u.s. competitiveness abroad as well as attracting business here at home. it will close loopholes and special interest deductions and credits for personal and corporate income taxes and lower the rates for everyone. i am pleased house republicans are the only people in this town with the courage to balance the budget. it's time to return the economy to an engine of growth and job creation and increased opportunities for all hardworking americans. this is what the house republican budget will achieve and this is what americans deserve. i yield back. the chair: the gentlelady yields back the balance of her time. the gentleman from maryland. mr. van hollen: thank you, mr. chairman. the way to save medicare is to bring down costs overall in the health care system, not give seniors a voucher that puts all the risk on the senior which is what the republican approach does. i now yield one minute to the gentleman from california, the distinguished ranking membe
instead of raising taxes the house republican plan includes pro-growth, comprehensive tax reform, tax reform is critical to increasing u.s. competitiveness abroad as well as attracting business here at home. it will close loopholes and special interest deductions and credits for personal and corporate income taxes and lower the rates for everyone. i am pleased house republicans are the only people in this town with the courage to balance the budget. it's time to return the economy to an engine...
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Mar 18, 2013
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that's much higher than the russian corporate tax and the cyprus corporation tax. what happens then? >> larry, it's a bigger issue than that. because it's all about transparency. if the european central bank gets its hands on records in the republic of cyprus, all these little stories and hidden basic constructs will all become transparent. it's all about uncovering billions of dollars in dirty money. >> how will they do that? what i'm asking is, haven't the banks shielded the russians from all this? russian parks goods there. they send them off to iran and syria and other rogue states. money has never been a problem. cyprus has never reported them. why start now? >> they are going to be under a lot of pressure. they'll be under the ecb gun and have to clean up their act. as an absolute spin-off from that, they are going to have to be more transparent. it's going to happen. they can't do that. cyprus is their last vestage of offshore financial centers. they are all signing contracts with the u.s. and uk and germany. the only alternative they have to go all the way
that's much higher than the russian corporate tax and the cyprus corporation tax. what happens then? >> larry, it's a bigger issue than that. because it's all about transparency. if the european central bank gets its hands on records in the republic of cyprus, all these little stories and hidden basic constructs will all become transparent. it's all about uncovering billions of dollars in dirty money. >> how will they do that? what i'm asking is, haven't the banks shielded the...
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Mar 21, 2013
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and it raises taxes. now we'll submit a document for the record that we think shows we've got $1.5 trillion in tax increases in this bill, but whether it is $1.5 trillion or $1 trillion, the deal is spending goes up. and there's virtually no alteration in the debt course of america over the next ten years. so why is it that it's a spending problem? let me explain. it actually came to me more clearly during a hearing recently where mr. elmendorf, who is the director of c.b.o., the congressiona congressional e and a very smart man and a decent individual -- and so we were talking about the growth in spending in taxes and the tax increases have just owe cud and that sort of thing. and this is the story: if you're -- if you -- if your tax -- if you raise -- i asked him this: if we raise enough taxes to balance the budget today and if the economy is growing at 2% and -- would the taxes grow at about 2% a year? and he said, yes. they worked hard to figure out what kind of tax reform growth it is, but taxes basi
and it raises taxes. now we'll submit a document for the record that we think shows we've got $1.5 trillion in tax increases in this bill, but whether it is $1.5 trillion or $1 trillion, the deal is spending goes up. and there's virtually no alteration in the debt course of america over the next ten years. so why is it that it's a spending problem? let me explain. it actually came to me more clearly during a hearing recently where mr. elmendorf, who is the director of c.b.o., the congressiona...
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Mar 14, 2013
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what do you make of obama and corporate taxes? >> we absolutely need pro growth tax reform. that's how we'll get the economy growing. he indicated a willingness to engage in tax reform, but still wants net higher taxes to get revenue, rather than getting revenue from economic growth. and that is a bridge that we have to get across with him in terms of getting him to understand that to get the economy growing, you can't keep raising taxes and we pushed that point very hard with him today. >> senator hoeven, didn't the president come forward with a trillion in cuts and $700 billion in tax increases that he's proposing in a way that he said would do this with balance. speaker boehner in 2011 said he was going to get the house to approve a trillion dollars in tax increases and so far $600 billion or so has been approved in the last round. where does this go from here? >> clearly has not demonstrated a trillion in cuts. i have not seen that. asking for $600 billion in additional tax increases, and i and others pointed out, we just provided. he got $600 billion in tax increases wi
what do you make of obama and corporate taxes? >> we absolutely need pro growth tax reform. that's how we'll get the economy growing. he indicated a willingness to engage in tax reform, but still wants net higher taxes to get revenue, rather than getting revenue from economic growth. and that is a bridge that we have to get across with him in terms of getting him to understand that to get the economy growing, you can't keep raising taxes and we pushed that point very hard with him today....
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Mar 15, 2013
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basically, what this amendment would do, it would not raise taxes, and keep the tax rate and tax revenue levels as they are today. hopefully we would have tax reform and simplification as we go forward. if we keep the revenue levels at the same rate, it would control the growth of spending and maintain the growth of spending each year at 3.4%. the net result of that would be our budget will balance. we can increase spending at 3.4% and still balance the budget. this would remove the that cloud over the country that is already impacting negatively employment, jobs, wages, growth. there is a question about grows that and public debt. -- gross debt and public debt. at that level, it would reduce growth pretty clearly. the international monetary fund, the bank of international settlement, the european central bank has come forward with studies that confirmed in a rather stark way, the analysis that has been done. when debt reaches the leve we have today, it slows growth now. it creates a risk as secretary geithner told us before the committee. the way that exchange went, we asked about the s
basically, what this amendment would do, it would not raise taxes, and keep the tax rate and tax revenue levels as they are today. hopefully we would have tax reform and simplification as we go forward. if we keep the revenue levels at the same rate, it would control the growth of spending and maintain the growth of spending each year at 3.4%. the net result of that would be our budget will balance. we can increase spending at 3.4% and still balance the budget. this would remove the that cloud...
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Mar 17, 2013
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so what we want to do is not tax and tax and tax the economy more, which weakens the economy. we would like to see the economy grow and throw off more wealth that benefits workers, benefits employees, and actually creates more tax revenue for us. that is the central question that we have. so this amendment, i believe moves us in the right direction. it gives us an opportunity to end the deficits. ce we do that, as a percentage of g.d.p. we have will have some growth as projected by c.b.o. thank you. >> well, let me respond on our side and i think we'll have some debate here. to begin with, i think all of us recognize it is a responsibility that we have right now to deal with our debt and deficit in a responsible manner. we all want to achieve that goal. but all of us recognize our economy is fragile right now, we have lived through a lot in the last 10 years. many of our families are still struggling to get back to work to put food on the table to send their kids to college, to pay their mortgage and to stay in their homes. the budget we put forward really recognizes the fragi
so what we want to do is not tax and tax and tax the economy more, which weakens the economy. we would like to see the economy grow and throw off more wealth that benefits workers, benefits employees, and actually creates more tax revenue for us. that is the central question that we have. so this amendment, i believe moves us in the right direction. it gives us an opportunity to end the deficits. ce we do that, as a percentage of g.d.p. we have will have some growth as projected by c.b.o. thank...
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Mar 20, 2013
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not the taxes. no corporate or individual income taxes and a franchise tax that tops out at 1%. the great state of texas is definitely attractive. >> building a business is tough, but i hear building a business in california is next to impossible. see why you should come to texas. cheryl: joining me now is former aide to texas governor, craig casselberry. if the governor's message, is it being effective in texas? >> you know, i think it is. we know our formula here has been for many years. i have been around a long time in this state. i think companies, their employees, families, they like that message. it is working. that is why we lead the company and job creation for the last few years. cheryl: many california companies have left the state of california and got down to texas because the costs of doing business is so much lower. you have that corporate tax, you know, that nugget that really brings people in. if you look at the debt station in each state, california does not control its debt. what is texas doing that california needs to do? >> we have a balanced budget amendmen
not the taxes. no corporate or individual income taxes and a franchise tax that tops out at 1%. the great state of texas is definitely attractive. >> building a business is tough, but i hear building a business in california is next to impossible. see why you should come to texas. cheryl: joining me now is former aide to texas governor, craig casselberry. if the governor's message, is it being effective in texas? >> you know, i think it is. we know our formula here has been for many...
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growth over three percent only time in the history the united states top tax rates were at ninety one percent how can that be a bad thing well right now we're not in the forty's fifty's sixty's i mean though there's a lot of tax rate that drop there's a lot of bad policies from the forty's fifty's and sixty's and a lot of americans don't want to go back to right now. let's see before the civil rights act that's so security is running broke so i think americans would appreciate that being fish out of the out of the sixty's. forty's and fifty's at the end of the day the republicans mitt romney really phrased it badly but at the end of the day if you look at the economics and you look at the statistics behind his point he's very right a report came out this year that showed forty seven percent of americans aren't paying taxes they're not getting into the system they are not getting they are paying for not paying several taxes are you just running he was running they were federal office now come on your you know you say this. really did that want to do if you look at the the language he u
growth over three percent only time in the history the united states top tax rates were at ninety one percent how can that be a bad thing well right now we're not in the forty's fifty's sixty's i mean though there's a lot of tax rate that drop there's a lot of bad policies from the forty's fifty's and sixty's and a lot of americans don't want to go back to right now. let's see before the civil rights act that's so security is running broke so i think americans would appreciate that being fish...
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Mar 18, 2013
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there would be a 3% tax for deposits under $100 thousand euros, and a 10% tax and 15% tax for amounts larger than 500,000 euros, country central bank declaring a holiday until thursday, when they vote on the plan, this is sparking investor fears at home, joining me now lance roberts, host of street talk live, and xena. partner and cfa, welcome all, great to have you here, lance, i'll start with you, i have to assume some wealthy individuals are having questions about safety of their money, have you gotten any calls, are you expecting any? >> i'm not expecting any but i would not be surprised to see people talk more about this in next few days it is very late tonight anyway it looks like they will preserve the under $100 thousand mark and go after larger deposits, but the question, here in u.s., could it happen here? probably not. but the question is, ha hasn't t already happen with standpoint feds suppressing interest rates, that is the rate less than inflation, negative interest rate it has already happened here. gerri: let's go to xena for a second, a lot of people out there think t
there would be a 3% tax for deposits under $100 thousand euros, and a 10% tax and 15% tax for amounts larger than 500,000 euros, country central bank declaring a holiday until thursday, when they vote on the plan, this is sparking investor fears at home, joining me now lance roberts, host of street talk live, and xena. partner and cfa, welcome all, great to have you here, lance, i'll start with you, i have to assume some wealthy individuals are having questions about safety of their money, have...
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Mar 20, 2013
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this is just a new tax law. a court ruling that overturned this tax credit in the law, but instead of moving forward now with that new law in place, california state government decides to go back to try to reach the taxes from business owners who had no idea they had this liabilitiy, that is a first problem. the second problem, is this the new trend in state taxes? will we start seeing the cash strapped states pick up on this. and they will weed taxpayers in the fiscal year but from before as well. neil: craig, this is a concern. if others get a cue from this watch out. >> california is a trendsetter. as a small business owner, my other friends who are small business oers we've been hit with 5 to over 100,000-dollars in fourth quarter of last year in retro active tax, that is job, and investment money and a downer on christmas. now a new one that bureaucrats at franchise tax board are making a decision, it is politicians that are out of control, california is worst with highest tax state, the highest sales tax s
this is just a new tax law. a court ruling that overturned this tax credit in the law, but instead of moving forward now with that new law in place, california state government decides to go back to try to reach the taxes from business owners who had no idea they had this liabilitiy, that is a first problem. the second problem, is this the new trend in state taxes? will we start seeing the cash strapped states pick up on this. and they will weed taxpayers in the fiscal year but from before as...
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Mar 18, 2013
03/13
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it is tax time. melissa: it is tax time. it is always tax time. lori: they're probably going up. the corporations are feeling the burden as you so eloquently explained to us and so are you the consumer, mom-and-pop. 6 trillion hours, that is how many hours americans will spend trying to comply with the tax code in an effort to file their individual returns. with four weeks to go until taxes are due, our own cheryl casone is looking at the tax pain in a special week-long series. the focus is how the wealthier handle filing fees. a lot more rules. >> who better to ask, right, what are wealthy americans doing? what are small businesses doing to combat with, not just filing in 2012, there will be a few changes but what will you do for 2013. how will you structure what you're paying and not paying now? what deductions are you looking at that will take effect next year that save you on the tax bill? that is crucial. we wanted to go to experts to find out what the wealthy are doing. we had scott hodge from the tax foundation, talking about this exact issue. one of the things in research
it is tax time. melissa: it is tax time. it is always tax time. lori: they're probably going up. the corporations are feeling the burden as you so eloquently explained to us and so are you the consumer, mom-and-pop. 6 trillion hours, that is how many hours americans will spend trying to comply with the tax code in an effort to file their individual returns. with four weeks to go until taxes are due, our own cheryl casone is looking at the tax pain in a special week-long series. the focus is how...
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Mar 19, 2013
03/13
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you know, there are the taxes on assets, tax that are on insurance companies that are getting passed to consumer and you know maybe down the line there will be questionable taxes on savings accounts. you never know what the united states will do. neil: all i know, they are a heck of a lot more ways to be create testify get money than spending, very good points thank you, mike rigs in washington. >> to mike a point, the problem with small nation going after its citizens bank deposits, other bigger nations see how it goes, and markets world over fear all far it goes, which could explain why so many markets were tajin oing tankings thing. joe perry. and -- joe, what do you think? >> i think it is jjst as you said, this has been going on, for a while. and the bigger government gets, the more intrusive it gets it has been in your pockets, my pockets, my banks pockets by depositors pockets, large and small. what is happening now, like a story we use in banking called boiling a frog, you want to bl a frog, if you put him in boiling water he will jump o and complaint, this is what is happeni
you know, there are the taxes on assets, tax that are on insurance companies that are getting passed to consumer and you know maybe down the line there will be questionable taxes on savings accounts. you never know what the united states will do. neil: all i know, they are a heck of a lot more ways to be create testify get money than spending, very good points thank you, mike rigs in washington. >> to mike a point, the problem with small nation going after its citizens bank deposits,...
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maybe they shouldn't have to pay taxes because that money's already been taxed like all money has already been taxed it's just you know it's like you know all water has been digested by a fish some point it's that's the way it is a stupid argument maggot in jackson new jersey hey meghan what's up dad thank you so much i'm. love your show great job i. am new to r.p. but i watch it constantly i love everything that you guys you know we speak up for it it's a great mortgage should be mandatory for all public for all the citizens to at least hear at least once a day. i just wanted to touch base on a couple things that i have heard a brief things on the documentaries that you've done and and other people that. that you often have on your show i'm in in new jersey where at the taxes is outrageous and we have chris christie who is basically you know you know raised all this money and toured all over the place to run and raise money for the republicans and you know the basically the corporate takeover the slaves minimum wage will slave wages and the proper term the elderly the vietnam vets are no
maybe they shouldn't have to pay taxes because that money's already been taxed like all money has already been taxed it's just you know it's like you know all water has been digested by a fish some point it's that's the way it is a stupid argument maggot in jackson new jersey hey meghan what's up dad thank you so much i'm. love your show great job i. am new to r.p. but i watch it constantly i love everything that you guys you know we speak up for it it's a great mortgage should be mandatory for...